How Non-EU Citizens Benefit from Cyprus Citizenship
March 17, 2020
The passport of Cyprus is one of the most sought after in the world. Cyprus citizenship comes with several benefits to access social amenities and also do business. One can acquire a Cypriot passport through marriage, investment, naturalization or Cypriot roots. Citizenship for non-EU citizens works best through investment because it does not take a lot of time. The requirements are straightforward as long as you have the means.
The program is aimed at spurring the economy of Cyprus while applicants enjoy the benefits of the program. The applicants, as well as the family members, are entitled to the Cyprus residence permit with PassPro. Here are the benefits of the program.
Visa-free Travel
A Cyprus passport gives you the freedom to travel across most countries worldwide without a visa. If you are adventurous, the citizenship presents a good opportunity to be a global tourist. Apart from that, you can do work or study in EU member countries without a work permit. Cypriot citizenship will also give your business mileage because you can travel in other regions and establish subsidiaries.
Family Members Benefit
Apart from the applicant, close family members (partner and children) are entitled to residency permit in Cyprus. If any child is below 28 years of age, and is dependent on the applicant, has the right to Cypriot citizenship. However, the fee of individual and family citizenship through investment is different. But once you acquire the passport, your descendants will also become Cyprus citizens without any further requirements.
Access to Social Amenities
The cost of education and health in Cyprus is subsidized and free respectively. Cypriot citizenship gives you the privilege to study in any EU university at subsidized or fully waived fees. There are over a thousand universities in European Union member countries that support the program. The European Health Insurance Card allows access to health services in the EU country of residence as well as Switzerland, Norway, and Iceland, among others.
Tax Benefits
Cyprus is known to have one of the most business-friendly taxation policies in the world. That will give your business an upper hand over global competitors. It is also easy to do business with EU member states because Cyprus has signed treaties with most countries. Apart from that, dividends are not subject to taxation. You are only required to submit defense contributions for the protection of your business. You should seek professional advice when setting up a business in Cyprus from another country to avoid double taxation.
Pension
Cyprus has a flexible pension scheme that accommodates those working in EU member countries. Your foreign employer (within the EU) can remit your contribution to the social security scheme. You can also enjoy the benefits of your contribution if you are not in Cyprus. You are also entitled to social insurance in a foreign European Union member country. The flexibility makes it easy to work in other countries.